TEN Announces Time Charter for Hercules I

Pic: Tsakos Energy Navigation

By Aiswarya Lakshmi

Tsakos Energy Navigation (TEN), a leading
diversified crude, product and LNG tanker operator, today
announced an up to 18 months time charter with minimum and profit
sharing provision for the newly delivered VLCC Hercules I to a
major US oil company.

"All 15 new vessels in TEN's growth program, including the five
for the rest of this year, have full long-term employment. This
new time charter announced today with minimum base rate and
profit sharing arrangements protects the Company's bottom line
and ensures participation on the upside," stated Nikolas P.
Tsakos, President and CEO of TEN and current Chairman of

"Long-term business with first class clients is an important part
of our industrial shipping strategy, solidifying further our
balance sheet while supporting TEN's continued profitability.
These are all attributes which should ultimately be reflected in
TEN's true valuation," Tsakos concluded.

TEN, founded in 1993, is one of the first and most established
public shipping companies in the world today.

The Company's pro-forma fleet, including four Aframax tankers and
a Suezmax DP2 shuttle tanker under construction, consists of 65
double-hull vessels, constituting a mix of crude tankers, product
tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45
vessels trade in crude, 15 in products, three are shuttle tankers
and two are LNG carriers.

Mar 9, 2017

Let's block ads! (Why?)

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.